Posted on: 04th Apr, 2010 03:23 pm
We are previous homeowners in Virginia, however due to economy we had to file bankruptcy and short sale our home. At this time we are renting for almost two years, we would like to be homeowners again. It appear the owners are motivated. It appear it will be another two three years before out credit is in a good rating. Can we ask the owners to quit claim our names to the title in order to get the house refinanced in two to three years, using all our rental as credits towards the purchase. Let me know the best course of action.
Welcome cleverman,
If the owners quit claim the property to you, then you will have to refinance the loan immediately or else the present lender can call the loan due. In my opinion, you should take steps to improve your score first and wait for another year and then take out a mortgage.
If the owners quit claim the property to you, then you will have to refinance the loan immediately or else the present lender can call the loan due. In my opinion, you should take steps to improve your score first and wait for another year and then take out a mortgage.